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FINANCIAL NEWS
France’s Hollande to Abu Dhabi to support Total’s gas field bid
12 Jan 2013
(MENAFN) French President Francois Hollande is heading to the UAE to support Total SA bid to win a license to operate USD10 billion Bab sour gas field, Reuters reported.
The Bab ultra-sour gas deal could also give Total a competitive edge in talks for the 2014 renewal of the UAE’s largest onshore oil concession, ADCO, on which the Bab field stands.
In November, British Prime Minister David Cameron visited the Gulf state to clear the skies with Abu Dhabi and try to reinstate BP in the bidding process for the renewal of the ADCO concession.
BP has been excluded due to UAE irritation with Britain’s backing of Arab Spring uprisings in 2011.
ADNOC has launched a tender to award in 2014 a 30-year licence to develop the multi-billion, ultra-sour Bab gas field, which is included in the 1.5 million barrels per day (bpd) concession.
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Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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